Francisco Jose Ortiz @FranciscoOrtiz13: "𝗦𝗵𝗼𝗿𝘁-𝘁𝗲𝗿𝗺 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝗶𝘀 𝘁𝗵𝗲 𝗽𝗿𝗶𝗰𝗲..."

Georgia

𝗦𝗵𝗼𝗿𝘁-𝘁𝗲𝗿𝗺 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝗶𝘀 𝘁𝗵𝗲 𝗽𝗿𝗶𝗰𝗲 𝗽𝗮𝗶𝗱 𝗳𝗼𝗿 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝗶𝗻𝗴. This was a 𝘁𝗼𝘂𝗴𝗵 𝗮𝗻𝗱 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 𝘄𝗲𝗲𝗸 for our portfolio, and it’s worth breaking it down with full context. Several core positions had a rough week. Ordered by 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝘄𝗲𝗶𝗴𝗵𝘁 (largest exposure first): $META (Meta Platforms Inc) -5.02% $NU (Nu Holdings Ltd.) -4.93% $MELI (MercadoLibre Inc) -4.75% $V (Visa) -6.14% $TCOM -18.36% (increased position) $PDD (PDD Holdings Inc - ADR) -11.44% (increased position) On a second layer of 𝘀𝗺𝗮𝗹𝗹𝗲𝗿 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻𝘀, volatility also hit: $CRM (Salesforce Inc) $DUOL (Duolingo) No sugarcoating it. This was a difficult week, especially for growth, international exposure, and emerging markets. That’s part of the cost of aiming for long-term compounding outside the most crowded trades. On the positive side, a few holdings helped cushion the drawdown: $ASML (ASML Holding NV) $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) Not enough to fully offset the weakness, but enough to keep the overall structure resilient. 𝗪𝗵𝗲𝗿𝗲 𝗱𝗼 𝘄𝗲 𝘀𝘁𝗮𝗻𝗱 𝗮𝗳𝘁𝗲𝗿 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸? - Still 𝘂𝗽 𝘆𝗲𝗮𝗿 𝘁𝗼 𝗱𝗮𝘁𝗲 - Still 𝗯𝗲𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 $SPX500 𝟭.𝟱𝟴% 𝘃𝘀 𝟭.𝟯𝟲% - And still aligned with our long-term plan This volatility also led to 𝗮𝗰𝘁𝗶𝘃𝗲 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗱𝗲𝗰𝗶𝘀𝗶𝗼𝗻𝘀. We’re 𝗹𝗼𝘄𝗲𝗿𝗶𝗻𝗴 𝗼𝘃𝗲𝗿𝗮𝗹𝗹 𝗿𝗶𝘀𝗸 from 4 to 3 (on a 10-point scale), while continuing to: - reduce US-centric concentration - increase 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗲𝘅𝗽𝗼𝘀𝘂𝗿𝗲 - deepen allocation to emerging markets with lower correlation. A new company was added to the portfolio: $EMAARDEV, as part of this ongoing global diversification process. The performance metrics I’m sharing (last 3 years) matter far more to me than one volatile week: risk-adjusted returns, drawdowns, and consistency over full cycles. Weeks like this aren’t comfortable. But they’re useful. They remind us that: - diversification shows its value when things go wrong - risk management is something you do, not something you talk about - and long-term results are built by staying disciplined during volatility We reset. We adjust. And we start a new week with a stronger structure than before. Have a good Sunday!